Money, money, money

Gov. Charlie Crist is proposing a $1 billion increase in education spending that if passed, could soften the blow of property tax reform amendment passed by voters earlier this week.

The constitutional amendment, which received statewide approval of 64 percent of voters, will require $9.2 billion in property tax cuts during the next five years. Without extra funding, schools will be forced to significantly cut budgets.

But the governor budget proposal includes about $138 million for schools to make up for the reduction in property taxes. If the legislature doesn’t boost education spending to soften the blow of the property tax amendment, it will result in a loss of $161 million to Florida schools. Palm Beach County schools stands to lose about $12.8 million this year and $147.5 million over the next five years.